OPEC members agree to extend oil cuts by three months, Algeria says
- 3 years ago
"OPEC, 증산 석달 연기에 공감대"…비회원국들과 회의 시작
OPEC members have reached a broad consensus on extending current oil cuts into the first three months of 2021.
This comes as demand for oil is largely projected to stay weak due to COVID-19.
For more on this and other news from around the world, we turn to our Lee Kyung-eun.
Kyung-eun, tell us more.
Mok-yeon, OPEC members have agreed to maintain existing oil cuts of 7-point-7 million barrel per day,... until the first quarter of 2021.
The policy is aimed at helping producers,... as the demand for oil is likely to stay weak in the coming year due to the impact of the prolonged COVID-19 pandemic.
But in order to push ahead with the policy,... OPEC members would need support from their allies in the OPEC+.
And the group, which includes Russia, is hoping to ease the existing cuts by 2 million barrels per day,... from January.
The two sides will hold negotiations over the policy at a meeting on Tuesday,... which an OPEC official has said may be difficult.
The industry projects oil prices to fall as much as 10 percent,... if OPEC fails to maintain current cuts.
OPEC members have reached a broad consensus on extending current oil cuts into the first three months of 2021.
This comes as demand for oil is largely projected to stay weak due to COVID-19.
For more on this and other news from around the world, we turn to our Lee Kyung-eun.
Kyung-eun, tell us more.
Mok-yeon, OPEC members have agreed to maintain existing oil cuts of 7-point-7 million barrel per day,... until the first quarter of 2021.
The policy is aimed at helping producers,... as the demand for oil is likely to stay weak in the coming year due to the impact of the prolonged COVID-19 pandemic.
But in order to push ahead with the policy,... OPEC members would need support from their allies in the OPEC+.
And the group, which includes Russia, is hoping to ease the existing cuts by 2 million barrels per day,... from January.
The two sides will hold negotiations over the policy at a meeting on Tuesday,... which an OPEC official has said may be difficult.
The industry projects oil prices to fall as much as 10 percent,... if OPEC fails to maintain current cuts.